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TrueAccord is reshaping debt collection by replacing outdated methods like phone calls with a digital-first approach. By using machine learning, automated tools, and self-service portals, they make debt resolution easier, faster, and less stressful for consumers. Key benefits include:
This modern approach benefits both creditors and consumers, offering a more efficient and respectful way to handle debt recovery.
TrueAccord Digital Debt Collection Performance Statistics and Benefits
TrueAccord leverages advanced machine learning, multi-channel communication strategies, and automated compliance tools to deliver a modernized approach to debt collection. These systems ensure personalized consumer interactions, seamless communication, and robust compliance, all while reducing human error.
At the core of TrueAccord's platform lies the HeartBeat decision engine, which prioritizes real-time behavioral insights over static demographic data. By analyzing how consumers engage with communications, it adapts dynamically, drawing from over 20 million consumer journeys and 35 million individual engagements collected over 12 years.
Several advanced tools enhance this personalized approach:
These tools deliver measurable results. For instance, the Send Time Optimizer achieved a 23% increase in liquidation rates for specific debt types, while the Payment Plan Breakage Model improved resolution rates by 35% for at-risk customers.
A real-world example highlights this success. Between 2019 and 2020, Snap Finance compared a traditional call-and-collect agency with TrueAccord's platform. The results were striking: TrueAccord improved liquidation rates by 25–35% across all account tiers.
This personalized, data-driven approach seamlessly integrates with HeartBeat’s omnichannel communication strategy.
HeartBeat goes beyond simply offering multiple communication channels - it creates a cohesive experience across email, SMS, phone, and self-service portals. By analyzing consumer behavior in real time, it selects the most effective channel for each individual. For example, if a consumer opens an email but doesn’t reply, the system might follow up with a timely SMS.
This strategy acknowledges that communication preferences vary. While many consumers prefer email or text for convenience, others still value the option to speak with a representative. HeartBeat focuses on engaging consumers through their preferred methods, avoiding the discomfort of traditional phone calls.
The results speak for themselves. Initiating contact through a consumer’s preferred channel can increase payments by over 10%, while the omnichannel approach has boosted payment arrangements by up to 40%. Impressively, 96% of consumers resolve their debts entirely through self-service, without needing to interact with an agent.
While these personalized interactions drive results, TrueAccord ensures every step adheres to strict compliance standards.
TrueAccord’s compliance system is built around a "compliance firewall" that integrates regulatory requirements, such as Regulation F, into all communications. This ensures adherence to federal and state-specific rules, including contact frequency limits and FDCPA-prescribed calling windows (8:00 AM to 9:00 PM local time).
Robotic Process Automation (RPA) powers many of these compliance processes. TrueAccord runs 45 automated processes, handling tasks like posting over 60,000 direct-to-creditor payments each month for a single client. These bots also process opt-out requests, update account statuses in real time, and respond to consumer inquiries in under 90 seconds - tasks that traditionally took human agents days to complete.
The platform’s opt-out management is particularly sophisticated. While only 7% of consumers use the term "STOP" to opt out, TrueAccord’s algorithms recognize a wide range of phrases to respect consumer preferences. All consumer-facing messages are carefully crafted by content teams and reviewed by legal experts before automation, ensuring both compliance and clarity.
As noted in the TrueAccord compliance blog:
"When these communications are controlled by code, decisions are easy to trace and replicate."
This commitment to compliance and consumer satisfaction has earned TrueAccord a strong reputation, reflected in its 4.6/5 star rating on Google from 1,569 reviews and an A+ rating with the Better Business Bureau. Consumers frequently highlight the convenience of self-service payment options and the absence of aggressive collection tactics.
TrueAccord's digital-first platform brings clear advantages to both creditors and debtors by boosting recovery rates and offering a more respectful and efficient resolution process.
TrueAccord consistently achieves 25% higher liquidation rates compared to traditional collection methods. This success comes from engaging consumers through their preferred communication channels at optimal times, moving away from outdated call-and-collect strategies.
For example, in 2024, three major U.S. telecommunications providers adopted TrueAccord's digital approach. During a six-month pilot:
Another case in 2024 involved a fintech company recovering $500,000 in just nine months. TrueAccord's platform enabled 95% of delinquent consumers to resolve their debts through self-service options, eliminating the need for additional internal staff.
Additionally, digital-first strategies can cut collection costs by up to 15%.
A national bank also tested TrueAccord in 2024, using a Champion-Challenger model. By assigning 50% of its placements to TrueAccord, the bank found that digital engagement outperformed its traditional partner. As a result, the bank awarded TrueAccord 100% of its primary placements due to better recovery rates and compliance.
While these financial outcomes are impressive, the platform also transforms how debtors experience the recovery process.
TrueAccord removes the stigma often associated with traditional debt collection calls. An impressive 96% of consumers who resolve their debts with TrueAccord do so entirely through the self-service portal, without any human interaction. This approach allows individuals to handle their obligations on their own terms and schedule.
Engaging consumers through their preferred communication channels can also drive results, with payment rates increasing by more than 10% and cured accounts improving by 15% when digital-first options are implemented.
This focus on convenience and respect for the debtor experience complements the platform's operational advantages.
TrueAccord’s platform integrates seamlessly with creditors' existing systems, whether through direct connections to Accounts Receivable (AR) systems or its proprietary CRM. This flexibility means creditors can adopt digital-first collections without overhauling their infrastructure.
The platform supports the entire delinquency lifecycle. For early-stage accounts, TrueAccord’s subsidiary, Sentry Credit, Inc., provides first-party services under the creditor's brand, emphasizing consumer education and retention. For late-stage accounts, third-party services focus on liquidation and resolution. This dual approach ensures a consistent and professional brand experience at every stage.
Scalability is another key strength. TrueAccord can handle over 25 million accounts daily, making it especially useful during periods of high volume without requiring additional staffing. CEO Mark Ravanesi highlights this capability:
"By expanding our services to address the full recovery lifecycle, we are bridging the gap between early-stage re-engagement and late-stage resolution."
Creditors can also test the platform’s performance using a Champion-Challenger model, assigning a portion of placements to TrueAccord to compare results before fully committing. This approach ensures a smooth transition while demonstrating the platform's effectiveness.
TrueAccord combines technology-driven innovation with licensed collection agency operations. This dual approach allows the company to support creditors throughout the delinquency lifecycle while adhering to strict compliance standards. The result is a streamlined, digital-first approach to debt recovery that prioritizes personalization.
At the heart of TrueAccord's technology is the HeartBeat platform, designed to optimize the consumer journey. It tailors messaging by adjusting delivery timing and selecting the most effective communication channels. Built with compliance in mind, the platform ensures real-time, automated adherence to regulations.
Michael Lemoine, TrueAccord's Director of Client Success, highlights the platform's role in compliance:
"Code-based compliance is the autonomic nervous system of an organization's risk and control program".
By automating routine processes, HeartBeat frees up agents to focus on more complex cases. This technology is the foundation of TrueAccord's push toward a more customer-focused, tech-enabled debt recovery model.
TrueAccord operates as a fully licensed collection agency across all jurisdictions where it provides services. This legal status allows the company to engage directly with consumers while continuously refining its AI using real-world data.
Through its subsidiary, Sentry Credit, Inc., TrueAccord offers first-party collection services under the creditor's brand. These services focus on consumer retention and education during early-stage delinquency. For accounts in late-stage delinquency, TrueAccord handles third-party collections, concentrating on liquidation and resolution. Both approaches are grounded in a strong compliance framework, ensuring a seamless integration of digital tools with licensed operations.
By combining proprietary software with licensed agency work, TrueAccord delivers a comprehensive, digital-first recovery process across all stages of debt collection.
| Service Type | Provider | Approach | Recovery Stage |
|---|---|---|---|
| First-Party | Sentry Credit, Inc. | Retention and education | Early-stage re-engagement |
| Third-Party | TrueAccord | Liquidation and resolution | Late-stage recovery |
TrueAccord is transforming debt recovery by shifting from outdated call-and-collect methods to communication powered by machine learning. This change tackles a major issue in the industry: 75% of Americans ignore calls from unknown numbers. With its HeartBeat platform, TrueAccord achieves up to 25% higher liquidation rates while cutting collection costs by 15%. These results highlight a more efficient and consumer-friendly way to approach debt recovery.
A striking 96% of consumers settle their debts with TrueAccord entirely through self-service, never needing to speak with an agent. Additionally, over 21% of consumers resolve their accounts outside of standard business hours, making the process more flexible and discreet. This approach shifts debt recovery from being a stressful confrontation to a smoother, more private experience.
For creditors, the benefits are equally compelling. Todd Johnsen, Senior Manager of Collections Vendors at Snap Finance, noted that TrueAccord outperformed traditional agencies by 25-35% in direct comparisons. This success is driven by a combination of compliance through technology and personalized, multi-channel communication that aligns with consumer preferences.
TrueAccord’s dual-service structure - offering first-party services via Sentry Credit, Inc. and third-party collections - ensures seamless brand representation throughout the recovery process. This setup not only reduces legal risks and costs but also maintains consistency from early to late-stage collections. With an impressive 4.6-star rating from 1,569 Google reviews, consumers frequently commend the company for its "easy payment plans" and "friendly reminders".
TrueAccord is indeed a licensed, bonded, and insured collection agency. It operates within all jurisdictions where it conducts collections, adhering strictly to legal and regulatory standards.
To verify if a debt with TrueAccord belongs to you, check your account details through their digital platform. Alternatively, you can reach out to their support team via phone or email. They’ll provide detailed information about the debt, helping you confirm its accuracy.
If the payment plan from TrueAccord doesn't align with your budget, reach out to them directly. They aim to offer tailored solutions that can help you handle your debt more effectively. By explaining your circumstances, you may be able to negotiate adjusted terms or find alternative options that suit your financial situation. Taking the initiative and being honest about your needs can make the process smoother and less stressful.
More than a decade of Ivan's career has been dedicated to Finance, Banking and Digital Solutions. From these three areas, the idea of a fintech solution called Debepxert was born. He started his career in Big Four consulting and continued in the industry, working as a CFO for publicly traded and digital companies. Ivan came into the debt industry in 2019, when company Debexpert started its first operations. Over the past few years the company, following his lead, has become a technological leader in the US, opened its offices in 10 countries and achieved a record level of sales - 700 debt portfolios per year.
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